MetLife, Inc. : Harwood Feffer LLP Announces Investigation of MetLife Inc.
01/24/2012 | 05:35pm
Harwood Feffer LLP (www.hfesq.com)
is investigating potential claims against the board of directors of
MetLife Inc. ("MetLife" or the "Company") (NYSE: MET) concerning
possible breaches of fiduciary duties and violation of other laws.
On August 2, 2010, MetLife filed a Form 10-Q with the U.S. Securities
and Exchange Commission (the "SEC") disclosing that the Company was the
subject of a major fraud investigation by the New York Attorney
General's office concerning whether MetLife improperly failed to pay
death benefits. At the time, the company denied the allegations and
claimed they lacked merit.
One year later, on August 5, 2011, the Company filed a Form 10-Q with
the SEC disclosing that: (i) the fraud investigation had been expanded;
(ii) the Company could be subject to escheatment to various states; and
(iii) that the costs incurred due to the investigations could be
substantial. On this news, MetLife's market capitalization declined 11%.
Then on October 6, 2011, MetLife filed a Form 8-K stating that the
company would take a minimum $115 million after-tax charge to increase
cash reserves as a result of the on-going investigations. In response,
MetLife's market capitalization declined approximately 6% more. These
revelations have damaged the Company's reputation and pose a significant
threat to MetLife's prospects.
If you own MetLife shares and wish to discuss this matter with us, or
have any questions concerning your rights and interests with regard to
this matter, please contact:
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Robert I. Harwood, Esq.
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Matthew M. Houston, Esq.
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Benjamin Sachs-Michaels
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Harwood Feffer LLP
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488 Madison Avenue
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New York, New York 10022
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Phone Numbers: (877) 935-7400
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(212) 935-7400
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Email: bsachsmichaels@hfesq.com
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Website: http://www.hfesq.com
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Harwood Feffer has been representing individual and institutional
investors for many years, serving as lead counsel in numerous cases in
federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com)
for more information about the firm.
Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter.
Harwood Feffer LLP
Robert I. Harwood, Esq.
Matthew M. Houston,
Esq.
Benjamin Sachs-Michaels
877-935-7400
212-935-7400
bsachsmichaels@hfesq.com
http://www.hfesq.com
© Business Wire 2012
